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Eight-Fireplace Upper East Side Townhouse Wants $27.5M

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The red-brick Neo-Georgian-style townhouse at 163 East 64th Street has been on and off the market for the past five years, thanks to its owner, commercial broker Kenneth D. Laub. Laub is—or was—convinced, Steven Klar style, that his twenty-foot-wide, five-story house was worth way more than anyone could have been reasonably expected to pay for it, having listed it for $35 million in 2008, after which he refused to cut the price at all for three years. In 2009, he told the Observer, "[Price cuts show] that certain people are desperate to sell. They need the money, that's what it shows. Just because they reduced the price doesn't mean someone else will. Markets will go down, markets will go back ... I have no need to [reduce the price.]" In other words, discounting is gauche. This is not an opinion that is uncommon to the Upper East Side.

Finally, in 2011, Laub saw the folly of his ways (or he needed the money) and allowed himself the shame of lowering the asking price to $29.95 million. The house still didn't sell and last year he chopping the price again, this time to $24.95 million. It seemed at this point that Laub was resigned to life of profound disgrace.

But no so fast: the house was de-listed earlier this month, and yesterday it returned ... for $27.5 million. You can't chase off Kenneth D. Laub that easily, free market! This house is worth whatever he says it is!

· Listing: 163 East 64th Street [Town]